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प्रश्न
GAAP stands for ______.
विकल्प
Governor accepted accounting principles
Generally avoided accounting principles
Generally accepted accounting principles
Governor avoided accounting principles
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उत्तर
GAAP stands for Generally accepted accounting principles.
Explanation:
Accounting is the language of business. In order to make this language precise, accounting authorities have developed certain basic rules. These man-made rules of accounting are called Generally Accepted Accounting Principles.
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संबंधित प्रश्न
Justify the following:
Every transaction is recorded in at least three accounts.
Define the term GAAP.
This concept assumes that the business will continue to exist for a long time in the future.
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
This principle suggests that every debit has a corresponding and equal credit.
What is meant by going concern concept of Accounting.
With reference to the concept of accounting only those transactions are recorded in accounts which can be expressed in terms of money. Justify either for or against.
Explain the money measurement principle of accounting.
Explain the revenue principle.
Name any four concepts of GAAP.
